American electric car manufacturer Tesla is planning to make a big investment in India. According to a report by Financial Times, Elon Musk has prepared a plan to set up a factory worth about 3 billion dollars (2 billion 50 crore 28 lakh 68 thousand 500 rupees) in India.
A report has claimed that Tesla’s team is going to come to India at the end of April to look for a place. According to the report, Tesla is focusing on states like Maharashtra, Gujarat and Tamil Nadu where automotive hubs already exist.
🚨 Tesla Motors to send a team this month to scout locations in India for a proposed $2-$3 billion electric car plant. Maharashtra, Gujarat & Tamil Nadu in contention. (FT) pic.twitter.com/xAggOLt0EW
— Indian Tech & Infra (@IndianTechGuide) April 4, 2024
Decrease in demand in America and China: Demand for electric vehicles has decreased in Tesla’s main markets America and China and competition is also increasing. Due to this, the company has faced a decline in deliveries in the first quarter.
Growing EV market in India: The market of electric vehicles in India is growing rapidly. The government has set a target of making 30% cars electric by 2030.
Government Policies: The Indian government has recently reduced import taxes on some electric vehicles, provided companies start manufacturing and invest in India. This is a big incentive for Tesla.
Talks between Tesla and Indian government
Tesla officials have been in talks with government officials for the last one year. In June, Elon Musk met Prime Minister Narendra Modi. The company had said in July last year that it was interested in setting up a factory in India to make electric cars priced at $24,000.
Tesla’s decision to enter India will be a big step for the Indian electric vehicle market. This will not only increase investment and employment opportunities, but will also help India become a global hub in the field of electric vehicle manufacturing.
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